Fairway Mortgage Review 2023
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Our Take
3.5
The bottom line:
Fairway Independent Mortgage Corporation has a wide variety of loans, but comparing mortgage rates for different mortgage types requires supplying personal information.
Full Review
at Fairway Independent Mortgage
Pros & Cons
Pros
- Offers a robust suite of loan products, including ITIN loans for borrowers without Social Security numbers, renovation loans, government-backed mortgages and loans for self-employed borrowers.
- Receives high marks for customer satisfaction, according to J.D. Power and Zillow.
Cons
- Mortgage rates for different types of loans aren't posted online.
- Origination fees are on the high side compared with other lenders, according to the latest federal data.
Compare to Other Lenders
Min. credit score620 | Min. credit score620 | Min. credit score620 |
Min. down payment3% | Min. down payment3% | Min. down payment3% |
Loan types and productsPurchase, Refinance, Home Equity, Reverse, Jumbo, Fixed, Adjustable, FHA, VA, USDA | Loan types and productsPurchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA | Loan types and productsPurchase, Refinance, Home Equity, Jumbo, Fixed, Adjustable, FHA, VA, USDA |
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Full Review
What borrowers say about Fairway mortgage
NerdWallet’s lender star ratings assess objective qualities, including rates, fees and loan offerings. To assess borrowers’ subjective experiences with lenders, NerdWallet has gathered customer satisfaction ratings from J.D. Power and Zillow.
Fairway receives a score of 733 out of 1,000 in J.D. Power’s 2022 U.S. Mortgage Origination Satisfaction Study. The industry average for origination is 716. (Mortgage origination covers the initial application through closing day.)
Fairway receives a customer rating of 4.95 out of 5 on Zillow, as of the date of publication. The score reflects more than 32,700 customer reviews.
Fairway mortgage loan types
5 of 5 stars
Fairway offers fixed-rate mortgages with several term options: 10, 15, 20, 25 or 30 years, depending on the loan type. The lender also offers adjustable-rate mortgages, which have interest rates that change after the initial fixed-rate periods.
Mortgage choices include conforming and jumbo conventional mortgages, as well as government-backed home loans. In fact, Fairway was among the top 10 lenders by loan volume for FHA mortgages, according to 2021 Home Mortgage Disclosure Act data.
Renovation loans are also on the menu, including HomeStyle, Choice Renovation, FHA and VA renovation mortgages. In addition, Fairway offers reverse mortgages as well as mortgages tailored to physicians, self-employed borrowers and borrowers without Social Security numbers.
Fairway does not offer home equity loans or lines of credit.
Fairway mortgage ease of application
5 of 5 stars
Fairway Independent Mortgage Corporation provides a variety of ways to apply. You can use the FairwayNOW mobile app, apply through the Fairway website or call or visit a branch. The website features a map to find branches near you and view profiles of local loan officers.
The digital application lets you upload documents, track the progress of your loan and electronically sign documents. A digital closing process lets buyers and sellers preview and approve documents electronically before settlement to save time at the final closing.
Fairway mortgage rates and fees
2.5 of 5 stars
Fairway mortgage earns 2 of 5 stars for average origination fee.
Fairway mortgage earns 3 of 5 stars for average mortgage interest rates.
Borrowers should consider the balance between lender fees and mortgage rates. While it's not always the case, paying upfront fees can lower your mortgage interest rate. Some lenders will charge higher upfront fees to lower their advertised interest rate and make it more attractive. Some lenders just charge higher upfront fees.
Fairway mortgage rate transparency
1 of 5 stars
Fairway does not publish customized mortgage rates on its website. Borrowers wanting to see mortgage rates based on credit score or other factors will need to contact a Fairway loan officer or begin an application online.
Alternatives to Fairway mortgage
Here are some comparable lenders we review that borrowers can consider.
LoanDepot offers renovation loans, and Rocket Mortgage originates a high volume of FHA mortgages.
» MORE: Best lenders for FHA loans
More from NerdWallet
at Fairway Independent Mortgage
Methodology
NerdWallet’s overall ratings for mortgage lenders are evaluated based on four major categories: variety of loan types (purchase, refinance, fixed and adjustable, for example), ease of application, rates and fees and rate transparency. Among the factors we consider when scoring these categories are options to apply for and track loans online, the level of detail about mortgage rates on lender websites and our analysis of the rates and fees lenders reported in the latest available Home Mortgage Disclosure Act data. These scores generate ratings from 1 star (poor) to 5 stars (excellent).
